Possible new BOW shares

BOWDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($494M float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3 of Jun 6, 2025: not limited by the baby-shelf rule, because the $494M public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3 Jun 6, 2025, effective Jun 18, 2025 · public float, as of Jun 30, 2025.

What could become new Bowhead Specialty Holdings (BOW) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

BOW dilution ladder

Every source of new shares on record, from the filings that created it.

32.9M outstanding; up to 34.4M fully diluted, +4%

  1. Outstandingas of Oct 29, 2026 (10-Q filed Nov 3) · share count on the cover page
    32.9M
  2. Options and RSUs1.4M RSUs10-Q Nov 3, 2026 · equity note
    +1.4M

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 3, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.

Shares outstanding

32.9M

Feb 2025 to Oct 2026: from 32.7M to 32.9M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.